【简报】天美制作果冻视频系列学术研讨会(149)
2015-06-11 00:00:00
本次学术研讨会，来自加拿大蒙特利尔魁北克大学的Alessandro Barattieri博士来我院进行学术交流。研讨会探讨的主题是“Financial Sector Interconnectedness and Monetary Policy Transmission”。
摘要:
We document that in the U.S., the share of financial assets that have a direct counterpart in the financial system has increased by between 15.8 and 21.8 percentage points during the period 1952-2011. We suggest that this increase may have dampened the sensitivity of the real variables to monetary shocks. Using a SVAR and a FAVAR, we establish that the impulse responses to monetary policy shocks are dampened as the level of interconnectedness increases. Finally, we present a stylized model that illustrates how interbank trading can reduce the sensitivity of lending to the entrepreneur's net worth.
摘要:
We document that in the U.S., the share of financial assets that have a direct counterpart in the financial system has increased by between 15.8 and 21.8 percentage points during the period 1952-2011. We suggest that this increase may have dampened the sensitivity of the real variables to monetary shocks. Using a SVAR and a FAVAR, we establish that the impulse responses to monetary policy shocks are dampened as the level of interconnectedness increases. Finally, we present a stylized model that illustrates how interbank trading can reduce the sensitivity of lending to the entrepreneur's net worth.
